accounting standard


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Related to accounting standard: International Accounting Standard
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Noun1.accounting standard - a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactionsaccounting standard - a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions
principle - a rule or standard especially of good behavior; "a man of principle"; "he will not violate his principles"
GAAP, generally accepted accounting principles - a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures
References in periodicals archive ?
For the past three decades it has become increasingly vocal in its support of a single set of robust accounting standards that would be used worldwide.
As my colleagues at the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) will agree, fair value accounting poses many challenges and has sparked significant industry debate.
In August 2004, Tillinghast published results of a survey of North American life insurance company chief financial officers, which found that 81% of respondents expected the United States and Canada to join the EU on a single accounting standard within the next 10 years.
INTERNATIONAL STANDARDS MAY CHANGE to follow accounting standards in a particular country.
The Financial Accounting Standards Board has issued four exposure drafts that would improve U.
The objective of Financial Accounting Standard 109 is to recognize the amount of income taxes payable or refundable for the current year and deferred tax liabilities and assets for future tax consequences based on a balance sheet approach.
EFRAG [European Financial Reporting Advisory Group] A private-sector, privately funded group formed to proactively contribute to the work of the IASB and to advise the EU's ARC and CESR on endorsement of international accounting standards.
Statement of Financial Accounting Standard released after approval by a majority of FASB members.
For example, he explains, "European Union (EU) businesses of all sizes all are adopting International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB).
Over 40 current accounting standards within generally accepted accounting principles (GAAP) require (or permit) entities to measure assets and liabilities at fair value.
However, the Financial Accounting Standards Board (FASB) is expected to finalize several new standards and issue Exposure Drafts (EDs) of proposed standards.
In December the Financial Accounting Standards Board (FASB) issued four exposure drafts that represent the first phase of a comprehensive project FASB and the International Accounting Standards Board (IASB) have undertaken to "converge" their respective standards into a common set of high-quality accounting standards.

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